People walk past a board showing the currency exchange rates outside an exchange office in Istanbul, Turkey. File photo: REUTERS/DILARA SENKAYA
The Sharpeville massacre triggered a rush of divestment from SA. In the massacre’s wake came the realisation that violence and political instability would intensify as some of apartheid’s most dehumanising policies were implemented. Local and international investors began to move large amounts of money out of the country, fearing sudden economic collapse and currency devaluation.
Proponents of exchange controls argue that they are necessary to protect a country against the economic threat of capital flight and divestment. In addition, and perhaps even more importantly for developing countries like SA, they protect against the devaluation shocks that can occur when speculators “pump and dump” a currency, especially at times of political turmoil.
Liberalisation of controls on capital movement, especially in the developing world, is associated with a significant increase in the activity of multinationals. This, in turn, increases growth and employment in countries where these companies are present, and encourages investment in infrastructure.
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